Just like the weather on the East Coast, the primary market heated up this week.

The launch of a $4.7bn TLB refinancing for Internet Brands added some heft to a primary pipeline that’s still dominated by amend-and-extend activity. The deal, which is the largest syndication seen in the primary in over a year, has a commitment deadline of 20 April.

And Qualtrics’ acquisition financing provided another interesting point to highlight the improving tone in the market. The buyside has been wary of downgrades at cash-burning single-B software companies, but the Qualtrics syndication was oversubscribed and accelerated.

Hot demand is giving some borrowers a chance to push for tighter pricing, with insurance software biz Applied Systems offering investors a $290m incremental 2026 TLB with no discount.